SoftBank-backed Coupang Inc., the Seoul-headquartered S. Korean e-commerce giant employing more than 37,000 people to-date, had filed for a US IPO in New York Stock Exchange late on Friday, becoming the latest to join a string of tech start-ups which had been benefitted from the strongest US IPO (Initial Public Offerings) market in more than half a decade following a dour 2020.
Apart from that, according to Coupang Inc. security filing with the US SEC (Securities and Exchange Commission), the S. Korean e-commerce behemoth, backed by the Japanese tech investment conglomerate SoftBank, had reported a meteoric rise in returns in annual revenues last year, while the e-commerce giant of Asia’s third-largest economy, founded back in the 2010s, had also reported a steep downturn in losses.
Coupang Inc. seeks $50 billion valuation in US IPO
On top of that, shortly after the Coupang Inc. announcement late on Friday, a press agency report had quoted one of the sources familiar with the subject-matter as saying that the S.
Korean e-commerce start-up, returns of which had surged more than 100 per cent last year as pandemic-wary consumers turned to e-commerce sites, had been on the lookout of a market valuation of a whopping $50 billion at its US IPO (Initial Public Offerings).
Notably, an initial offering with a valuation of $50 billion in effect would make Coupang Inc.’s NYSE IPO the largest by any company outside the United States since Alibaba Group Holding back in the 2014s, data from Dealogic had revealed.
In a private fundraising round in 2018, Coupang had been valued at $9 billion, data from PitchBook had unleashed. Nevertheless, Coupang Inc., founded by a Harvard graduate Bom Kim in 2010 as beforementioned, makes its presence known as a jackpot-slot over the recent years that had rattled strongholds of family-owned retail conglomerates such as Shinsegae and Lotte, while Bom Kim’s “Rocket Delivery” service that delivers a product within 24 hours, turns Coupang into an e-commerce unicorn in the far-east Asian G20 economy.